Business
Defiance Silver Closes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 15, 2017) - Defiance Silver Corp. ("Defiance" or "Company") (TSX VENTURE:DEF) (OTC:DNCVF), an emerging silver
About this update from Defiance Silver Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 15, 2017) - Defiance Silver Corp. (\"Defiance\" or \"Company\") (TSX VENTURE:DEF) (OTC:DNCVF), an emerging silver explorer currently advancing the San Acacio Silver Deposit in Zacatecas, Mexico, is pleased to announce that it is closing on a first tranche of $1,254,000 of a non-brokered private placement consisting of up to 7,000,000 units at a price of $0.30 per unit for gross proceeds of up to $2,100,000 (the \"Offering\"). Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire an additional common share of Defiance for a period of twenty-four (24) months at an exercise price of $0.45. The securities issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The warrants are subject to an acceleration clause such that if the closing price of the Company's shares on the TSX Venture Exchange is at or above $0.65 per share for a period of ten consecutive trading days during the term of the warrants, the Company may accelerate the expiry date of the Warrants to not less than 30 days following the date of notice. The funds raised in this financing will be used to advance its San Acacio Silver Deposit, currently totaling 17,961,000 silver equivalent ounces at a silver equivalent grade of 192.50 g/t Ag, contained within a zone 1.2km in length and to a depth of 175m. Use of proceeds will be used to commence a drill program and follow up on encouraging drill results to date which continue to expand the mineralization at depth and along strike, and most importantly outside the limits of the current resource. Defiance recently intercepted wide zones of mineralization returning 27 metres grading 203 g/t silver equivalent (see the Press Release dated June 8, 2017), and will be releasing results from an additional five holes shortly. Defiance's exploration drill results are not included in the current resource. \"We are very pleased and would like thank our shareholders, insiders and management in participating and securing the funds to advance the San Acacio Silver Deposit in becoming a premier silver asset in Zacatecas, Mexico\" said Roy Bonnell, CEO of Defiance Silver. \"With long term drill permits in place, we can look to commence our next pha...